Federal Tax Refunds Up 18%, IRS Says

Total U.S. tax refunds are up 18.4% so far this year to $61.95 billion from $52.33 billion in the first nine weeks of 1999, the Internal Revenue Service said. The average refund increased 5.8% to $1,774. The IRS has said refunds are higher because of an increase in tax credits for children under 17 to $500 from $400. Refunds are also being issued faster as more people file electronically and have the refunds deposited directly into their bank accounts.